China’s iron ore imports fell in November for the second consecutive month, down 0.7% from the previous month, as appetite for purchases waned after several factories began servicing equipment amid falling profit margins.
China imported 110.54 million tons of the key steelmaking ingredient last month, according to data from the General Administration of Customs released Monday.
This volume was lower than October’s 111.3 million tonnes, but higher than the 101.86 million tonnes in the same month last year.
More steel mills overhauled their furnaces last month as resilient iron ore prices and falling demand for steel squeezed their margins.
Average daily hot metal production, a gauge of ore demand, fell 1.7% from the previous month to 2.36 million tonnes in November, according to data from consultancy Mysteel.
At the same time, only 35% of steel mills were operating profitably at the end of November, compared to 45% at the end of October, according to Mysteel data.
Imports remained above 100 million tonnes for the sixth month, contributing to the build-up of stocks at the port.
Port stocks rose 2.5% from the previous month to 139.04 million tonnes at the end of November, according to data from consultancy Steelhome.
In the first 11 months of 2025, iron ore imports rose 1.4% year-on-year to 1.139 billion tonnes, putting the annual total on track for a record.
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